The Portuguese power utility EDP has released its 2023 results, posting a net profit of €1.3bn (+48% compared to 2022). In 2023, EDP’s total installed capacity reached 26.6 GW (+1%). 1.7 GW of new solar capacity and 296 MW of new wind capacity were installed during the year, while 1.6 GW of coal capacity was retired (904 MW in the Iberian Peninsula and 720 MW in Brazil).
Total generation in 2023 fell by 8% to 56.4 TWh, including 87% from renewables (against 74% in 2022). Wind generation (56% of EDP’s generation) remained stable in 2023 to 31.7 TWh, including 14.9 TWh in the US, 4.5 TWh in Spain, 4 TWh in Brazil and 2.6 TWh in Portugal. Hydropower generation (25% of EDP’s output) increased by 20% to 14.1 TWh, including 9.1 TWh in Portugal, 4.3 TWh in Brazil and 711 GWh in Spain. Solar generation soared by 80% to reach 3.2 TWh in 2023. Gas generation in Spain and in Portugal fell by 55% to 4 TWh, while coal generation in Iberia dropped by 52% to 3.2 TWh.
In the supply business, in Spain and Portugal, electricity volume sold decreased by 10% to 29.6 TWh, mostly to a reduction in the business-to-business segment. Gas volumes sold fell 28% to reach 5 TWh. EDP distributed 46 TWh of electricity in Portugal (+1%), 12.7 TWh in Spain (-5%) and 27.8 TWh in Brazil (+5%). Customers connected increased by 2% in Spain, Portugal and Brazil to 11.8 million.